Analysis: Binance records the largest single-day net BTC outflow since 2023, which could ease potential selling pressure.

CryptoQuant analyst Darkfost published a note stating that Bitcoin has recently entered an upward phase distinct from its previous rallies. Since hitting its July high, BTC has rallied roughly 45%, breaking through key structural levels and closing above $82,000 for several consecutive days. Darkfost noted that BTC’s accumulation trend has persisted during this rally, a pattern particularly evident in BTC’s capital flows on exchanges. Binance currently holds around 30% of BTC available on all exchanges accessible to all investor types, and net BTC outflows have dominated recently—averaging roughly 2,000 BTC per day over the past week. Meanwhile, Binance recently recorded its largest single-day BTC net outflow since 2023, exceeding 13,800 BTC in a day, marking a new three-year high. Over the past four days, Binance’s BTC reserves dropped from 705,000 BTC to 685,000 BTC, a reduction of about 20,000 BTC. Darkfost explained that sustained BTC outflows from exchanges signal some investors are choosing to hold BTC themselves, a behavior typically linked to long-term holding. From a market mechanism perspective, declining exchange BTC balances also reduce potential selling pressure. Darkfost further pointed out that such sudden large-scale outflows may indicate investors who previously expected Bitcoin to keep falling as it did during past bear markets are now experiencing FOMO and re-entering after the price rally. As Bitcoin continues to rise, similar large-scale capital flows may occur again.